Vedanta seals £5bn buyout of Cairn India

first_imgSunday 15 August 2010 10:49 pm whatsapp KCS-content Share CAIRN ENERGY is this morning poised to announce the sale of a majority stake in its Indian venture to Vedanta Resources, the precious metals miner, for around £5bn.Lawyers were last night scrambling to finalise the paperwork for Vedanta’s purchase of 51 per cent of Cairn India. Cairn is expected to retain an 11 per cent stake, with the rest held by the Indian government and Malaysia’s Petronas. Cairn shareholders are in for a multi-billion pound windfall, most likely through a special dividend. The remainder of the transaction cash will be used to fund Cairn’s drilling project off the coast of Greenland.The deal marks the first foray into energy for Vedanta’s billionaire controller Anil Agarwal. Vedanta specialises in aluminium, copper and zinc extraction but will now gain access to Cairn’s lucrative oil and gas fields in Rajasthan.Shares in the companies, both FTSE 100 constituents, moved in opposite directions on Friday as Cairn investors hoped for a payout and Vedanta holders fretted about its balance sheet. Cairn stock rose 3.4 per cent to 468.3p while Vedanta stock fell 5.9 per cent to £20.53.However, India’s authorities will scrutinise the proposal closely. The government owns a stake through state-controlled Oil and Natural Gas Corp and is irked at Vedanta’s lack of direct experience in the sector, according to local media reports. More From Our Partners Russell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comKiller drone ‘hunted down a human target’ without being told tonypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgUK teen died on school trip after teachers allegedly refused her‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comKamala Harris keeps list of reporters who don’t ‘understand’ her: reportnypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comPuffer fish snaps a selfie with lucky divernypost.comMark Eaton, former NBA All-Star, dead at 64nypost.comFeds seized 18 devices from Rudy Giuliani and his employees in April raidnypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comcenter_img whatsapp Vedanta seals £5bn buyout of Cairn India Show Comments ▼ by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailBetterBe20 Stunning Female AthletesBetterBeautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island FarmHero WarsBig Boss of internet games!Hero Warsmoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.cominvesting.comCanceled TV Shows Announced: Full Updated Listinvesting.comElite HeraldKate Middleton Just Dropped An Unexpected Baby BombshellElite Herald Tags: NULLlast_img

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